5 Tips To Get Your Finances in Order For Your New Home
We’ve got plenty of great finance tips on this site, but here’s five that you may not have thought of for your first home
- Start budgeting – To help get a handle on your expenses now, and perhaps weed out unnecessary expenses to help you reach your down payment or mortgage payment goals, you should build a comprehensive budget to help you determine where youâ€š’re spending money.
- Start Saving – the larger your down payment on your new home, the more likely you’ll get a better interest rate and lower monthly payments. Ultimately, saving money now will save you huge amounts down the road on interest payments.
- Increase your Income – you may require a little more dough in your pockets to get your dream home. To do this you may want to consider taking on a part-time job to help get your income to the level it needs to be. If anything, you can add this extra money to your down-payment.
- Hold Down A Job – Lenders look for a steady job history when determining a mortgage amount, so if possible, try not to start a new job soon before applying for your loan.
- Mortgage Shop all at Once – If you spread out your mortgage inquiries over a long period of time, they all count as credit inquiries, however if you do them all with in a short period of time, they usually only count as one.